All You Need to Know About Starting a Company
Closing Up a Private Limited Company
Closing a private limited company is a very tedious but compulsory process which can take over a year to complete. If you do not follow this procedure, you would have to meet all the annual requirements of Registrar of Companies. The other important reason for doing so is that it will release all assets and investments made by you in the company.
What does it involve?
Appointment of a public Accountant
A public accountant would be appointed by the court as a liquidator. The powers of the directors would be entrusted upon this public accountant.He will have responsibility of collecting all the assets of the company and paying off its debts. The surplus amount will be distributed among all the members of the company.
Documents Required
An account statement needs to be prepared which will state that no assets and liabilities are there except share capital and profit and loss debit balance. An affidavit and indemnity sneed to be executed by all directors. A waiver letter should be submitted in case of unsecured loan.
Procedure for Closing Up
30 WORKING DAYS
Before submission of the application, the account statement should be submitted before one month. It will be considered as the declaration of all your assets or liabilities to the RoC.25 WORKING DAYS
Within a month of the submission of account statement, the application should be submitted enclosed with all the required documents mentioned above. Our representative will guide you through the complete process.3 MONTHS
It will take at least two to three months to complete the procedure of closure of your company. But it can take much more time, if liquidator finds it necessary depending on his findings.
